Kindly solve both please Question 16[CLO-1] Engineering economy studies:Assist decision makers through technical analysis with emphasis on economic aspectsEvaluate the economic merits of proposed solutions to engineering problemsO Use limited resources that nature and previous generations have provided to satisfy unlimited human wantsO All the above A sompeny is considering the productionof lectria devices. The Variable castcork* 50000 per month. The sellingwill be determinedper unit$100andfixedispriceper unikby the eqation P- $600-0.050.is the optimum number of unitsshould produce permaximizze prafit?%3DWhatthemanth tocompany

Engineering economics, also known as the engineering economy, is a small economic group concerned…

Answered: [CLO-1] Engineering economy studies:…

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter7: Production Economics

Section: Chapter Questions

Problem 8E

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This is all the given information to solve this question. The graphs do not have to have any specific numerical values, just the trends and curves that need to represent the situation that is introduced in this question. I was told to "include correctly labeled diagrams, if useful or required, in explaining your answer. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes." (so no numerical values are really needed)
Refer to Figure 3-2
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